Ambac appoints new CEO

Wallis will take over at Ambac and Ambac Assurance Corporation with immediate effect. He succeeds Michael Callen, who was appointed to the role on an interim basis in January. Callen will remain in his position as executive chairman of the board of directors.

Wallis has held a number of positions within the company. His most recent role was chief risk officer, responsible for credit risk management, capital and risk analysis, and portfolio risk management - he took the newly-created job in January this year after a management reshuffle.

In a statement announcing his promotion, Wallis said his immediate focus was to restore confidence in the group through “aggressive risk reduction”, while maintaining transparency and disclosure.

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